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(Bloomberg) — Home sales in Canada rose for a second straight month, reflecting a boost in buyer confidence as the economy appeared to shrug off the impact of US tariffs.
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Transactions were up 2.8% in June from May, according to seasonally adjusted data released Tuesday by the Canadian Real Estate Association. Meanwhile, the benchmark price of a home in Canada inched down 0.2% in the same period to C$688,600 ($503,400), the sixth straight month of declines.
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A strengthening national economy may have helped coax house hunters into the market. June marked the first time in five months where job growth was sufficient to prevent the unemployment rate from rising. Other data Tuesday showed inflation quickened for the first time in four months in June.
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Together they suggest that US President Donald Trump’s tariffs haven’t yet caused the widespread damage that many experts feared at first, and the economy may be finding its footing.
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“Most housing markets continued to turn a corner in June,” Valérie Paquin, the real estate board’s chair, said in a statement. “If the spring market was mostly held back by economic uncertainty, barring any further big shocks, that delayed activity could very likely surface this summer and into the fall.”
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Though price declines continued, the underlying balance between supply and demand suggests the market is firming. New listings fell 2.9% in June from the month before, the real estate board data show.
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But the total number of homes currently on the market across Canada was still 11% higher than last June, suggesting buyers still have lots to choose from.
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—With assistance from Ari Altstedter.
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English (US)